School district to sell $17M in bonds

The Yukon School District will sell more than $17 million in bonds later this month, the latest sale resulting from a $53 million bond issue approved by voters in September 2017. Photo / Chris Eversole

By TERRY GROOVER
tgroover@theyukonreview.com

The Yukon School District plans to sell more than $17 million in bonds later this month.
The money is the latest sale resulting from a $53 million bond issue that was approved by voters in September 2017.
The amount being sold is $5 million higher than had been expected.
Superintendent Dr. Jason Simeroth said the increase in the bonds will not increase the tax rate, and is the result of higher property values.
Originally, the bond sale was expected to be about $12.5 milllion.
The increased valuation also will allow the bonds to be paid off more quickly.
“That is a wonderful thing. We’ll be selling off early and looking at the next step. We won’t have to do anything this year to keep our millage where we are. We will be able to get more dollars faster. It is good for the district and good for the community,” Simeroth said.
The money is being used to finance projects across the district, including the construction of Redstone Intermediate School.
The new school, which will house students in fourth through sixth grade, is being built at the intersection of Britton Road and Mustang Road.
The $28 million project broke ground earlier this year and is expected to be completed in time for the start of the 2020-21 school year.
The money also is being used to fund what Simeroth has called “unsexy” projects.
Those include a number of maintenance items at each school, including things like replacing the carpet and furniture to upgrading heating and air conditioning systems.
These are items that could normally come out of the district’s maintenance budget. However, by using the bond funds, the projects can be done quicker.
Over the past two school years, the district already has completed a number of these projects.
Simeroth has previously said that using the maintenance budget also would limit how much work could be done.
This should be the next to last sale of bonds from this package, Simeroth said.
Out of this year’s funds, only about $8.2 million is set aside for the school. The remainder of the funds will be used for the other projects.
Among them is the replacement of the field turf and track at the high school, several fine arts projects as well as ongoing improvement to the district’s technology.
Simeroth also said the district will continue to invest in new curriculum.
“It is bunches and bunches of stuff,” he said.
The bonds are to be sold on Sept. 25 at noon in a special meeting of the school board, which will be held in the administration building.

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